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Chicago City Wire

Friday, April 19, 2024

Former state university employee Williams paid in $84K to pension fund, could collect $1.85M in retirement

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Former state university employee Elise Williams, who retired in January 2016, saved $83,572 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $1.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Williams received $38,980 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $120,482 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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